Don't expect Philip Hammond's first Autumn Statement to be anything like an Osborne budget

Former Chancellor George Osborne next to current Chancellor Philip Hammond on the front benches of Parliament.PA Archive/PA ImagesBritain's Chancellor Philip Hammond is planning to take a more flexible approach to the balancing the country's books than predecessor George Osborne, according to a Financial Times report.

The paper says that the Chancellor has briefed the cabinet on the contents of his upcoming Autumn Statement, telling them he wants to ensure the government has enough "headroom" to deal with unexpected economic shocks from Brexit.

As a result, Hammond is reportedly planning to abandon rigid fiscal targets in favour of a more flexible framework that will the Chancellor to deploy a bigger fiscal stimulus next year if needed.

This more flexible approach is in stark departure to the last Chancellor, George Osborne, whose budgets were defined by their clear targets to reduce the deficit and balance government spending.

Hammond is expected to announced a few billion pounds of infrastructure spending in the Autumn Statement on November 23 but has told colleagues not to expect "rabbits out of hats," according to the FT.